A New Way to Give Takes Hold
A program in Santa Rosa, California that allows credit and debit card holders to donate their rewards points to specific causes has generated more than $75,000 in private donations. The program automatically converts reward points into cash donations when cards issued by Summit State Bank are used for purchases and generates additional cash donations from merchants that have pledged percentages of purchases to local causes. It also is offered to consumers who don't have a credit or debit account but want to donate merchant-pledged funds to a certain cause. Those consumers are given cards that when swiped, along with paying by cash or check, earn pledged dollars from that merchant. Donors can choose up to three causes by going online, and merchants can get customized transaction reports. Nietech Corporation, which developed the system, is now working with retailers to launch it nationwide.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 8, 8/05
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